Foreclosures declined in 2011There were 1,985 foreclosures last year in Dakota County
By: Jane Lightbourn, Rosemount Town Pages
Statewide, the number of mortgage foreclosures decreased in 2011 from the previous year.
The number of completed foreclosure sales in Dakota also showed a decrease of about 7 percent for the same time period.
According to a report released late last month by the Minnesota Homeownership Center, there were 21,298 foreclosures in Minnesota in 2011, a decrease of 17 percent from the 25,673 foreclosure sales in 2010. This is the lowest number of sales since 2007.
Dakota County reported 1,985 foreclosure sales in 2011, down from the 2,147 reported in 2010.
“I am taking these numbers directly from the Home Ownership Connection summary provided by the CDA,” said Dakota County Sgt. Rob Shingledecker. “Our numbers in our in-house system differ by just a few sales, but I would guess that their numbers are correct.”
Actually, Dakota County sales have remained fairly steady for the past several years.
“No real trends; everything has been really very steady since 2008,” said Shingledecker. “After two months in 2012 we are down a little bit, but two months is hardly a sample size.”
“It is certainly heartening to see that foreclosure prevention efforts are beginning to have a positive impact on the number of foreclosures,” said Julie Gugin, executive director of the Minnesota Homeownership Center. “However, we can’t lose sight of the fact that the number of Minnesota families that lost their home to foreclosure is still three to four times higher than before the crisis began. In addition, more than 54,500 households continue to struggle with mortgage payments and received a pre-foreclosure notice from their lender during the year.”
Foreclosures in Minnesota take place at the county level and are regulated, for the most part, by state legislation.
Sheriff sale records do not reflect the total number of properties that enter the foreclosure process. Some of the properties identified in the sheriff’s sale records do not result in actual loss of the property because they are redeemed within the allowed time frame.